Originally Posted by ryan41
I actually work at the home depot at night and you cant get a credit card there unless your credit score is 650 and above now. I have applied everywhere to get one and always get denied. I figured if i got a loan with a co signer and paid it off in less than a year i would have some good credit.
There is more to it than that. The fact is that an installment loan has relatively little impact on a credit score. Revolving credit is weighted more heavily than an installment loan. Even the amount of credit used vs the amount of credit available will effect your score. The old addage of, "unused credit cards will hurt your score" is wrong. Unused credit will help lower your utilization % thus help keep your score up. I have personally seen one incorrect reporting month on one of my cards drop my score 60 points. That dropped my score from Good to bad and it wasn't even my fault.
Stop figuring and start learning. Much of what you hear or think about credit is incorrect. Did you know that unless you get your scores from a lender they are unreliable at best? And even still, different lenders will show different scores depending on which version of the report they pulled from any of the 4 credit bureaus?
You need to repair the damage you have done in order to get your scores back up to a point where you can get your own credit. Again, this doesn't cost anything but postage and time. If you don't want to educate yourself nor take the time to repair the damage I suspect your time as a business owner will be short.